Govt urged to disclose bumiputra equity distribution figures

KUALA LUMPUR: University of Malaya professor of political economy Edmund Terence Gomez wants the government to disclose the bumiputra equity distribution figures, which have not been published post-2008.

“I want them to disclose the equity distribution figures which the (previous) government stopped distributing after 2008. That is extremely important because the Bumiputera Economic Congress is coming up and we have to look at these figures and study what went right and what went wrong, before we start debating where we move from here,” he told reporters at the launch of the “Malaysia GLC Monitor 2018 – Government in Business: Diverse Forms of Intervention” report yesterday.

Gomez said the current government should make public the figures as the implementation of bumiputra policies are closely linked to the issue of government-linked companies (GLCs).

“When we saw these GLCs set up, that was the justification. The statutory bodies set up GLCs because they said, if we set up these GLCs, we let these GLCs grow; once these GLCs are firm and independent, we pass them off to bumiputras who will then have ownership of these companies.

“That’s why this ‘monster’ was created. That’s why they did it, that’s how they justified it. It’s so closely related to the BCIC (Bumiputera Commercial and Industrial Community) policy, but did they really transfer it? And did poor bumiputras really get these firms?” he questioned.

Gomez said some of these bumiputras sold off the assets instead of building on the assets towards establishing a dynamic bumiputra business community while some dynamic and competent bumiputra businessmen have been sidelined.

“I am not surprised because the policy of affirmative action was based on the principle of patronage, selective patronage. Even bumiputras who are competent, who can take these companies and build them up, are not getting it. That is the reality. That is what the Bumiputera Economic Congress should discuss,” he added.

The congress, which will be held on Saturday, will look into improving current policies for developing positive values, education and other strategies that would benefit bumiputras.